Services and manufacturing indexes raise recession risks

(Image: 123rf)

Mon, 16 Jun 2025

Could New Zealand be heading back to a recession? “The combined services and manufacturing data look nothing short of disastrous,” BNZ senior economist Doug Steel said.The BNZ – BusinessNZ Performance of Services Index (PSI) dropped “grimly” from 48.1 in April to 44.0 in May. Last week, the Performance of Manufacturing Index (PMI) fell from 53.3 in April to 47.5 in May.“Together, they are consistent with the economy returning to recession,” Steel said. “While BNZ is a “long way from for...

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